REGISTRATION VALUE OR THE GUIDANCE VALUE OF THE PROPERTIES REGISTERED – TAX EVASION – PENALTIES – TAX EVADERS GOT RED HANDED – RBI -INCOME TAX DEPARTMENT – STAMPS AND REGISTRATION DEPARTMENT – STAMP DUTY EVASION – PENALTY – 10 TIMES THE TAXES EVADED


In a bid to reduce or evade the stamp duty at the time of registration, the buyers and the sellers of the properties, have not SHOWN  the real sale price or consideration in the registered sale deed, but 90% of the buyers have borrowed money or availed institutional finance under HOME LOAN scheme, have falsified … Continue reading REGISTRATION VALUE OR THE GUIDANCE VALUE OF THE PROPERTIES REGISTERED – TAX EVASION – PENALTIES – TAX EVADERS GOT RED HANDED – RBI -INCOME TAX DEPARTMENT – STAMPS AND REGISTRATION DEPARTMENT – STAMP DUTY EVASION – PENALTY – 10 TIMES THE TAXES EVADED

REGISTRATION OF PROPERTIES AT A VALUE LESSER THAN THE ACTUAL SALE VALUE OF THE PROPERTY TO EVADE STAMP DUTY AND INCOME TAX


A News Report of real estate transaction in Bangalore Mirror on 13-07-2016 Woman entered into a deal to sell her property, but faced trouble when buyer refused to pay the 'remainder'  The High Court of Karnataka has allowed a 75-year-old property owner to initiate a cheating case against the buyers of her property who allegedly … Continue reading REGISTRATION OF PROPERTIES AT A VALUE LESSER THAN THE ACTUAL SALE VALUE OF THE PROPERTY TO EVADE STAMP DUTY AND INCOME TAX

PROPERTY REGISTRATION MARKET VALUES MAY BE REVISED BETWEEN 02-11-2015 TO 05-11-2015 IN BANGALORE


The Stamps and Registration Department might be revising the Guidance values of the properties in the Bangalore Rural and urban Districts between 02-11-2015 to 05-11-2015.  It is learnt that a decision has already been taken and will be announced soon. The New Guidance Values will reflect the latest market values of the properties and there … Continue reading PROPERTY REGISTRATION MARKET VALUES MAY BE REVISED BETWEEN 02-11-2015 TO 05-11-2015 IN BANGALORE

DID YOU CHECK AND VERIFY THE VAT TAX, SERVICE TAX, BESCOM DEPOSIT AND BWSSB DEPOSIT CHARGED BY THE SELLER/DEVELOPER ?


ONE OF OUR READER HAS DONE A CALCULATION OF VALUE ADDED TAX, SERVICE TAX, BESCOM DEPOSIT, BWSSB DEPOSIT, LEGAL CHARGES, GENERATOR CHARGES, STAMP DUTY AND REGISTRATION FEES, WHICH WORKS OUT AT OVER 20% OF THE STATED OR QUOTED PRICE OF THE PROPERTY, APART FROM THE CHARGES PAID OR PAYABLE FOR OBTAINING THE BANK LOAN, WHICH … Continue reading DID YOU CHECK AND VERIFY THE VAT TAX, SERVICE TAX, BESCOM DEPOSIT AND BWSSB DEPOSIT CHARGED BY THE SELLER/DEVELOPER ?

THE MARKET VALUE OR GUIDANCE VALUE FOR REGISTRATION OF PROPERTIES IS UNDER REVISION


THE CVC HAS PUBLISHED THE GUIDANCE VALUE FOR THE BANGALORE URBAN DISTRICT AND INVITED OBJECTIONS FROM THE PUBLIC, TO BE SUBMITTED WITHIN 15 DAYS FROM 07-10-2014.  THE OBJECTIONS ARE BEING EXAMINED.  THE REVISED GUIDANCE OR MARKET VALUE OR THE REGISTRATION VALUE TO CALCULATE THE STAMP DUTY AND THE REGISTRATION FEE WILL BE PUBLISHED SOON. IT … Continue reading THE MARKET VALUE OR GUIDANCE VALUE FOR REGISTRATION OF PROPERTIES IS UNDER REVISION

JOINT DEVELOPMENT AGREEMENTS EXECUTED FOR APARTMENTS AND LAYOUTS – UNDER REVISION – STAMPS AND REGISTRATION DEPARTMENT –


THE STAMPS AND REGISTRATION DEPARTMENT HAS DETECTED TAX EVASION IN THE JOINT DEVELOPMENT AGREEMENTS EXECUTED BETWEEN THE LAND LORD AND THE DEVELOPERS AND BUILDERS AND HAS REOPENED THE FILES BY ISSUING NOTICES TO THE CONCERNED LANDLORDS AND THE BUILDERS/DEVELOPERS.IT IS FELT THAT THE DUTY LIABILITY ALONG WITH THE FINE WILL BE IN TUNE OF CRORES … Continue reading JOINT DEVELOPMENT AGREEMENTS EXECUTED FOR APARTMENTS AND LAYOUTS – UNDER REVISION – STAMPS AND REGISTRATION DEPARTMENT –

PERMANANT VALUATION CELL FOR THE REVISION OF GUIDELINE VALUE OF PROPERTIES IN KARNATAKA


THE GOVERNMENT HAS APPROVED THE INSTITUTION OF A REGULAR VALUATION CELL FOR THE REGULAR VALUATION OF PROPERTIES ACCORDING TO MARKET PRICES OF THE PROPERTIES FOR THE REGISTRATION. IT IS EXPECTED THAT THE GENERATION OF REVENUE FROM THE REVALUATION OR REVISION OF THE GUIDANCE VALUE ACCORDING TO THE MARKET TRENDS OR MARKET PRICES, WILL BE AROUND … Continue reading PERMANANT VALUATION CELL FOR THE REVISION OF GUIDELINE VALUE OF PROPERTIES IN KARNATAKA

PROPERTY PRICES SET TO RISE IN BANGALORE


THE GOVERNMENT IS SERIOUS ABOUT INCREASING THE STAMP DUTY ON THE REGISTRATION OF PROPERTIES AND THE GUIDANCE VALUE MIGHT BE BROUGHT TO THE MARKET RATE COUPLED WITH 1% TDS ON THE VALUE OF THE PROPERTIES WHICH EXCEED RS 50 LAKHS AND ABOVE, AS PER THE RECENT FINANCE ACT, WILL  INCREASE THE PRICE OF THE REALTY … Continue reading PROPERTY PRICES SET TO RISE IN BANGALORE

REGISTRATION EXPENSES MAY GO UP SOON FOR PROPERTIES IN KARNATAKA


THE STATE GOVERNMENT MAY REVISE THE GUIDELINE VALUES OF THE PROPERTIES AND MIGHT INCREASE THE STAMP DUTY ON THE REGISTRATION OF PROPERTIES IN KARNATAKA, VERY SOON.

PROPERTY REGISTRATION CHARGES AT BANGALORE


THE STAMP DUTY IS 5.6% ON THE GUIDANCE VALUE OR THE MARKET VALUE OR THE CONSIDERATION SHOWN IN THE DOCUMENT- WHICHEVER IS HIGHER. IT IS APPLICABLE FOR BBMP LIMITS PROPERTY. THE REGISTRATION FEE IS 1% ON THE GUIDANCE VALUE OR THE MARKET VALUE OR THE CONSIDERATION SHOWN IN THE DOCUMENT- WHICHEVER IS HIGHER. IT IS APPLICABLE … Continue reading PROPERTY REGISTRATION CHARGES AT BANGALORE

STAMP DUTY AND REGISTRATION FEE FOR PROPERTIES IN BBMP LIMITS


STAMP DUTY: 6.72% OF THE GUIDANCE VALUE OR THE CONSIDERATION AMOUNT SHOWN IN THE SALE DEED,WHICHEVER IS HIGHER. REGISTRATION FEE: 1% OF THE GUIDANCE VALUE OR THE CONSIDERATION AMOUNT SHOWN IN THE SALE DEED,WHICHEVER IS HIGHER. TOTAL: 7.72%. IT IS APPLICABLE FOR SITES, HOUSES, APARTMENTS AND ALL TYPES OF PROPERTIES.

HOME LOANS AND RBI DIRECTIVES – TAX EVASION BY THE BUYERS IS UNDER SCRUTINY


RBI HAS DIRECTED ALL THE BANKS NOT TO OVER VALUE THE PROPERTIES WHICH INCLUDES STAMP DUTY, REGISTRATION FEE, SERVICE TAX, VAT AND OTHER ADDITIONS, WHILE PROCESSING THE HOME LOANS, AS THE REGULATOR RECEIVED COMPLAINTS OF SUCH DISCREPANCIES BY SOME OF THE BANKS. THE INCOME TAX DEPARTMENT IS EXAMINING THE HOME LOANS APPLICATIONS AND SANCTIONS AS … Continue reading HOME LOANS AND RBI DIRECTIVES – TAX EVASION BY THE BUYERS IS UNDER SCRUTINY

GUIDANCE VALUES REVISED AND EFFECTIVE FROM TODAY


THE DEPARTMENT OF STAMPS AND REGISTRATION HAS NOTIFIED THE REVISED VALUE FOR THE PROPERTY REGISTRATION IN BANGALORE RURAL DISTRICT AND RAMANAGARAM DISTRICTS FROM TODAY.  THE REVISION IS IN THE RANGE OF 30% TO 150%.  THE REVISED VALUES FOR THE BANGALORE URBAN DISTRICT HAS NOT YET BEEN FINALISED AND IS UNDER CONSIDERATION WILL SOON BE NOTIFIED.

NEW GUIDANCE VALUES- DELAYED


IT IS RELIABLY LEARNT THAT THE PROPOSED REVISION OF GUIDANCE VALUE OR THE VALUE AT WHICH THE STAMP DUTY IS COLLECTED FOR THE REGISTRATION HAS NOT YET BEEN NOTIFIED.  THE GOVERNMENT IS WAITING FOR THE NEW REVENUE MINISTER TO TAKE UP THIS ISSUE AND NOTIFY THE SAME. THE BUYERS CAN HAPPILY REGISTER THEIR PROPERTIES AT … Continue reading NEW GUIDANCE VALUES- DELAYED

MISCONCEPTION ABOUT THE MARKET PRICE AND GUIDANCE VALUE


THE SELLERS ARE IN GREAT MOOD HOPING THAT THE PRICES OF THE PROPERTIES HAVE GONE UP WITH THE REVISION OF GUIDANCE VALUE.  THIS IS A MISCONCEPTION. IN REALITY, THERE WILL NOT BE GOOD DEMAND FOR THE PROPERTIES DUE TO THE REVISION AND INCREASE. THE REASONS ARE: THE SELLERS HAVE TO PAY ADDITIONAL STAMP DUTY AND … Continue reading MISCONCEPTION ABOUT THE MARKET PRICE AND GUIDANCE VALUE

WELCOME- PLEASE SHARE YOUR IDEAS, VIEWS AND OPINIONS ON COMMON SUBJECTS AND ISSUES WITH OTHER READERS ON OUR FORUM


WE INVITE ALL OUR FRIENDS TO SHARE THEIR IDEAS, VIEWS, OPINIONS AND EXPERIENCES WITH OTHERS THROUGH OUR FORUM BY SENDING ARTICLES FOR PUBLICATION ON THE FOLLOWING SUBJECTS: ENVIRONMENT SOCIETY GOVERNANCE BUSINESS PROPERTY INCOME TAX, WEALTH TAX, GIFT TAX, VAT, SERVICE TAX, BBMP TAX, STAMP DUTY, REGISTRATION FEE, PROFESSION TAX AND OTHER ALLIED SUBJECTS LEGAL ISSUES … Continue reading WELCOME- PLEASE SHARE YOUR IDEAS, VIEWS AND OPINIONS ON COMMON SUBJECTS AND ISSUES WITH OTHER READERS ON OUR FORUM

SALE AGREEMENT- STAMP DUTY ON SALE AGREEMENT IS SLASHED TO 0.1% FROM 01-04-2011


THE GOVERNMENT OF KARNATAKA HAS REDUCED THE STAMP DUTY ON THE SALE AGREEMENT OF APARTMENTS FROM 01-04-2011 TO 0.1% ON THE SALE CONSIDERATION,  BUT HAS INCREASED THE STAMP DUTY ON THE JOINT DEVELOPMENT AGREEMENTS.

FAIR MARKET VALUE OF PROPERTIES- UNDER VALUATION WILL BE TAXED UNDER SECTION 56 OF INCOME TAX ACT


FAIR MARKET VALUE OF PROPERTIES FROM 01-10-2009 Effective 1/10/2009, difference of over Rs. 50,000 between fair market value and purchase value of immovable property will be taxed as income from other sources in the hand of the buyer if buyer is an individual or HUF. Property is as defined in Section 56 and includes immovable property,  jewellery, … Continue reading FAIR MARKET VALUE OF PROPERTIES- UNDER VALUATION WILL BE TAXED UNDER SECTION 56 OF INCOME TAX ACT

INCOME TAX DEDUCTIONS UNDER 80C80C,80CCC, 80D, 80DD,80DDB,80G , 80GG, 80GGA, 80GGC , 80IAB , 80IB , 80IC , 80ID ,80IE , 80JJA , 80QQB ,80RRB , 80U


Sl No Section Details of deductions Quantum 1 80C General deduction for investment in PPF,PF,Life Insurance, ULIP, Stamp duty on house, Fixed deposits for 5 years , bonds etc Maximum Rs 1 ,00,000 is allowed. Investment need not be from taxable income. 2 80CCC Deduction in case of contribution to pension fund. However, it should … Continue reading INCOME TAX DEDUCTIONS UNDER 80C80C,80CCC, 80D, 80DD,80DDB,80G , 80GG, 80GGA, 80GGC , 80IAB , 80IB , 80IC , 80ID ,80IE , 80JJA , 80QQB ,80RRB , 80U